Solstice Gold Corporation (TSXV:SGC)
(“Solstice”, the “Company”, “we” or “our”) is pleased to
announce that we have acquired through staking an additional 2,234
Ha (111 claim units) to cover additional inferred target areas. The
RLX property now covers a total of 5,534 Ha (275 claim units) over
an area of greenstone which contains extensive electromagnetic
(“EM”) conductors which are essentially restricted to the RLX claim
group.
The Company has also located additional
third-party geological information that confirms that the RLX
project is positioned near a major regional structure. Such
structures are known to be important in the formation of
significant gold mineralization in the Red Lake Camp and in other
gold camps across Canada. Recently, the Ontario Geological Survey
(OGS)1 drew attention to previous seismic data which they suggested
could be used to identify a possible third major structure in the
district, the other two being interpreted by the OGS to generally
correlate with the location of major gold mineralization and
deposits in the Red Lake camp. It follows that if another major
structure exists, it could potentially host new Red-Lake type
mineralization.
While the OGS interpretation of seismic data is
compelling, additional independent data exist in government files
which support the presence of a major structure in the area, which
are summarized below and in Figure 1.
1) OGS magnetic data
(2008)2 allow identification of clear crustal scale features.
Well-developed linear magnetic features, which are related to
regional faults can easily be discerned using OGS airborne magnetic
survey data (see Solstice NR dated February 2, 2021, for a regional
magnetic map and also our corporate presentation at
https://www.solsticegold.com/investors/presentations/).
2) OGS mapping in
19983 identified a major regional structure. The Nungessor
Deformation Zone is a major fault zone (mylonite) which is mapped
parallel to, and on the west flank of, the RLX property (Figure
1)
3) A specific rock
type, formed at depth and associated with major crustal faults, has
been mapped on the property boundary by the OGS4. This rock type,
called sanukitoid, was sampled and confirmed in 2000 by the OGS.
These rocks are documented from the Archean worldwide. Their
significance is that they are formed, in part, from melting of the
mantle i.e. very deep in the earth, and as documented elsewhere
“their very presence in outcrop identifies a translithospheric
structure”5 Although no age data are available for the Nungessor
sanukitoid, other similar rock types regionally are dated around
the same age as the major gold mineralization event in the
district.
Taken together, the presence of a mapped major
fault and the documentation of specific intrusive rocks which are
themselves diagnostic of major crustal features both support, and
are mutually independent of, the recent OGS interpretation based
solely on seismic data.
“It is well documented that major gold deposits
in the Archean of Canada and elsewhere occur close to major
structures or breaks. These structures have potential to tap deep
into the earth to source potential metals, including gold, and to
create the higher-level conditions required to deposit or trap
these metals. It is clear from third-party data that our RLX
project sits close to one such major structure. We interpret RLX to
be in a setting similar to the Sidace Gold Deposit clams
(Paction/Evolution Mining), 11km to the south which also contain
similar, extensive EM conductors. We have just completed a detailed
50m-spaced magnetic survey and are re-evaluating the EM data
through a third-party consultant. We are also developing plans,
again using an expert third-party consultant to employ soil and/or
biogeochemistry surveys over the anomalies. Following this, we plan
to employ boots on the ground to upgrade map-based geological data.
Results of these programs will lead to the generation of targets
for drill follow up late in 2021 or early 2022,” stated Chairman
David Adamson. During his successful 16 years of exploration in the
Red Lake camp, David Adamson was a co-award winner for the
discovery of Battle North Gold Corporation's Bateman Gold deposit6
and was instrumental in the acquisition of many of the Red Lake
district properties in the Battle North portfolio.
Figure 1: RLX Structural
Setting:https://www.globenewswire.com/NewsRoom/AttachmentNg/f4918944-b0d1-4fc1-ac22-c305c011745e
Additional details regarding the RLX Project are
available in the Company’s news release dated February 4, 2021 and
in the updated presentation on the Company’s website at
www.solsticegold.com.
About Solstice
Solstice is a gold-focussed exploration company
engaged in the exploration of our high-quality exploration assets
in top tier jurisdictions. Our 33 km² Red Lake Extension
project is located on the north end of the prolific Red Lake Gold
District. Our district scale KGP project covers 886 km² with
certain other rights covering an adjacent 683 km², all with no
underlying option or earn in payments. KGP has seen over $12MM
dollars spent on significant field work, identified a 10
km² gold boulder field and now prepared with multiple drill
ready targets. KGP is located in Nunavut, Canada only 26 km from
Rankin Inlet and approximately 7 km from the Meliadine gold
deposits owned by Agnico Eagle Mines Ltd. Solstice has 99.8 million
shares outstanding.
Solstice is committed to responsible exploration
and development in the communities in which we work. For more
details on Solstice Gold, the Red Lake Extension Project and the
KGP Project, please see our Corporate Presentation available at
www.solsticegold.com.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Sandy Barham, M.Sc., P.Geo., Senior Geologist,
is the Qualified Person as defined by NI 43-101 standards
responsible for reviewing and approving the technical content of
this news release.
1 https://www.mndm.gov.on.ca/sites/default/files/recommendations_for_exploration_2020-2021.pdf
MNDM Interpretation from: Lewis, S.O. 2021. Deep
tapping seismic structure in the Red Lake district; in Ontario
Geological Survey, Resident Geologist Program, Recommendations for
Exploration 2020-2021, p.9-13.
Original Seismic Interpretation from:
Zeng, Fafu and Calvert, Andrew. 2011. Imaging
the upper part of the Red Lake greenstone belt, northwestern
Ontario, with 3-D traveltime tomography. Canadian Journal of Earth
Sciences, v.43. p.849-863. https://doi.o rg/10.1139/e06-027.
2 Ontario Geological Survey 2008. Ontario
airborne geophysical surveys, magnetic and electromagnetic data,
grid and profile data (ASCII and Geosoft formats) and vector data,
Whitefeather forest area, GEOTEM 1000 survey, Ontario Geological
Survey, Geophysical Data Set 1058a.
3 OGS: Stone D. 1998. Precambrian geology, Trout
Lake area; Ontario Geological Survey, Map P.3383. scale 1:250
000
4 Lichtblau, A., Raoul, A., Ravnaas, C., Storey,
C.C., Kosloski, L., Debicki, R. and Drost, A. 2001. Report of
Activities 2000, Resident Geologist Program, Red Lake Regional
Resident Geologist Report: Red Lake and Kenora Districts; Ontario
Geological Survey, Open File Report 6047, 109p.
5 Smithies, RH, Lu, Y, Kirkland, CL, Cassidy,
KF, Champion, DC, Sapkota, J, De Paoli, M and Burley, L 2018, A new
look at lamprophyres and sanukitoids, and their relationship to the
Black Flag Group and gold prospectivity: Geological Survey of
Western Australia, Record 2018/15, 23p
6 Battle North Gold Bateman Gold Project,
current Feasibility Study includes resources of M&I 985,400 oz
Au @ 6.04gpt and Inf 272,200 oz Au @ 6.5gpt
This news release contains references to other
projects, their structures and mineralization, there is no
certainty that Solstice’s projects will contain similar structures
or mineralization.
On Behalf of Solstice Gold
Corp.
David Adamson, PhDChairman
For further information please visit our website
at www.solsticegold.com or contact:
Marty Tunney,
PEngPresidentinfo@solsticegold.com
Forward Looking Statements
This news release contains certain
forward-looking statements (“FLS”) relating but not limited to the
Company’s expectations, intentions, plans and beliefs. FLS can
often be identified by forward-looking words such as “approximate
or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”,
“expects”, “potential”, “scheduled”, “may” and “will” or similar
words suggesting future outcomes or other expectations, beliefs,
plans, objectives, assumptions, intentions or statements about
future events or performance. FLS in this news release also
include, but are not limited to, the extent and timing of described
programs and ground-work, such as rock sampling, drilling,
geophysics, mapping, till sampling and analysis. Geological
interpretations are FLS and are subject to change based on
additional data and/or further analysis. FLS in this news release
include comparison with certain geological features at adjacent and
regional projects. There can be no guarantee that continued
exploration at Solstice exploration projects, which are at an early
stage of exploration, will lead to the discovery of an economic
gold deposit. Factors that could cause actual results to differ
materially from any FLS include, but are not limited to, the future
impacts of the COVID 19 pandemic and government response to such
pandemic, the ability of the Company to continue exploration at its
project in lieu of the pandemic and the risk of future lack of
access to the project as a result thereof, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inability to locate source rocks, inflation,
changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects, regulatory approvals and other
factors. FLS are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from expected
results.
Potential shareholders and prospective investors
should be aware that these statements are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those suggested by the
FLS. Shareholders are cautioned not to place undue reliance on FLS.
By their nature FLS involve numerous assumptions, inherent risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
various future events will not occur. Solstice undertakes no
obligation to update publicly or otherwise revise any FLS whether
as a result of new information, future events or other such factors
which affect this information, except as required by law.
This news release contains information with
respect to adjacent or other mineral properties in respect of which
the Company has no interest or rights to explore or mine or
acquire. Readers are cautioned that mineral deposits on adjacent or
similar properties are not indicative of mineral deposits on the
Company’s properties, nor is there certainty that Solstice’s
projects will contain economic mineralization. This news release
mentions other companies that are unrelated to Solstice and this
does not imply any agreements, partnerships or rights with respect
to any of these companies or their properties other than where
explicitly defined. Past performance is no guarantee of future
performance and all investors are urged to consult their investment
professionals before making an investment decision.
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